Argos

British Land

Dixons Stores Group

Railway Pension
   Nominees

Sainsbury's

Waterstones

Wilkinsons

Wilkinsons

	Client	Wilkinson
	Project	Lease Renewal, Bedford
	Location	St Albans
	Key Services	Rent Reviews
	Upon receipt of client's, instructions we contacted the landlord's agent one month before the effective review date and confirmed our opinion that no increase was warranted. Discussions were entered into with the landlord's agent who was adamant that an increase was due on the basis that if hypothetically to let in the open market the unit would be taken by a supermarket operator. Given the unit's characteristics, allied to our market experience, we took the opposite view that in fact the premises would only be of interest to the Discounter sector of the market and were consequently over rented. In order to expedite the matter as quickly as possible, we submitted an application to the RICS for the appointment of an Independent Expert and also served a 'Calderbank' at the passing rent in order to protect the client's position regarding as a potential liability for the costs of the proceedings. Following notification from the RICS of the identity of the Independent Expert, we requested he issue his Directions forthwith. Submissions and Counter Submissions were lodged and subsequently the Expert determined the rent at a nil increase, thus vindicating our view.